SC Invites Feedback on Tech Risk Management Framework for Capital Markets
by Fintech News Malaysia August 1, 2022The Securities Commission Malaysia (SC) has published a consultation paper and is seeking the public’s feedback on a proposed regulatory framework relating to the management of technology risks by capital market entities.
The proposed regulatory framework for technology risk management is part of the SC’s commitment to enhance governance and oversight of technology risks in capital market entities while further strengthening their technological resilience.
It is also in line with the SC’s development and regulatory aspirations outlined in the Capital Market Masterplan 3.
The consultation paper sets out the key highlights of the proposed regulatory framework and seeks feedback on areas such as governance and compliance process, management of technology risks, cyber security, data and third party service provider, as well as the principles relating to the adoption of artificial intelligence (AI) and machine learning (ML).
The SC said in a statement,
“The proposed regulatory framework aims to further improve capital market entities’ ability and effectiveness in detecting and addressing an increasing range of technology risks due to the prevalent use of technology, emergence of new technologies and the growing sophistication of cyber threats.”
The consultation paper in relation to the proposed regulatory framework is available here.
Interested parties and members of the public can submit their comments, feedback and queries to the SC by 19 September 2022 at cpresponse@seccom.com.my.
